When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

"India will also consider its own needs while supplying petroleum to others," the Centre said on the oil crisis.

Ministry of External Affairs spokesperson Randhir Jaiswal stated on Thursday that Bangladesh, Sri

Mahakumbh Fire: A Fire broke out in Sector 18, The fire department team brought it under control, and administrative officials were present at the spot

A fire broke out in Sector 18 of Mahakumbh Nagar in Prayagraj. As soon as the information was rec

BJP's allied organizations in America under investigation: action under FARA law in lobbying case

His Indian-origin sympathizers working for the BJP in America have come under the scanner of Amer

Gadar 2: Sunny Deol's outspoken words on Pakistan-India relationship, told- political game

Gadar 2: Sunny Deol is soon gearing up to create a mutiny on the screen. The actor is reuniting w

Trump's stance softens on Tariff War! Relief for Mexico and Canada, exemption from tariff till April 2

US President Donald Trump announced Thursday that the 25 percent tariff on most goods imported fr

'Azadi March' to resume in Pakistan today, Imran Khan appeals to people to join in large numbers

After the deadly attack on former Prime Minister of Pakistan Imran Khan, Azadi March is being sta

Dense fog in Delhi-NCR causes chaos; 148 flights are cancelled, and several trains are delayed.

Residents of Delhi and other NCR cities woke up to dense fog on Wednesday, the last day of the ye

India's new speed star: 91% of Umran's deliveries exceed 140/kmph, Gavaskar demands to be sent to England tour

22-year-old Umran Malik, who plays for Sunrisers Hyderabad, has emerged as the new speed star. He

Afghanistan: Taliban regime became hell for girls, father made a deal with his nine-year-old daughter to satisfy the family's hunger

Afghanistan is going from bad to worse after the Taliban rule. The economic condition here is so

CTET 2024: Another chance to register for CTET July, the deadline extended till this day; apply soon

CTET July 2024: The Central Board of Secondary Education has extended the last date for submissio

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash